Thermon Group Holdings, Inc. Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

12 Months Ended

Mar. 31, 2022


Lease Term and Discount Rate	March 31, 2022		March 31, 2021
Weighted average remaining lease term
Operating	5.4		6.0
Finance	2.5		3.1

Weighted average discount rate
Operating	4.72	%	4.81	%
Finance	6.18	%	6.56	%

Supplemental statement of cash flows information related to leases was as follows:


Cash paid for amounts included in the measurement of lease liabilities	Year Ended March 31, 2022		Year Ended March 31, 2021		Year Ended March 31, 2020
Operating cash used for operating leases	$	4,538	$	4,566	$	3,523
Operating cash flows used for finance leases	27		39		41
Financing cash flows used for finance leases	154		276		259

Supplemental balance sheet information related to leases was as follows:


Assets	Classification	March 31, 2022		March 31, 2021
Operating	Operating lease right-of-use assets	$	10,534	$	12,619
Finance	Property, plant and equipment	351		426
Total right-of-use assets		$	10,885	$	13,045

Liabilities
Current
Operating	Lease liabilities	$	3,472	$	3,383
Finance	Lease liabilities	152		128
Non-current
Operating	Non-current lease liabilities	9,476		12,027
Finance	Non-current lease liabilities	183		346
Total lease liabilities		$	13,283	$	15,884

Supplemental statement of operations information related to leases was as follows:


Lease expense	Classification	Year Ended March 31, 2022		Year Ended March 31, 2021		Year Ended March 31, 2020
Operating lease expense	Selling, general, and administrative expenses	$	4,164	$	4,697	$	3,835

Finance lease expense:
Amortization of ROU assets	Selling, general, and administrative expenses	166		266		266
Interest expense on finance lease liabilities	Interest expense	27		21		41

Short-term lease expense	Selling, general, and administrative expenses	248		240		1,117
Net lease expense		$	4,605	$	5,224	$	5,259

Future lease payments under non-cancellable leases as of March 31, 2022 were as follows: